Management Accounting - O'Keefe construction limited Assignment

Added on - 21 Feb 2021

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MANAGEMENTACCOUNTING
Table of ContentsINTRODUCTION...........................................................................................................................1ACTIVITY 1....................................................................................................................................1PART (A)...............................................................................................................................1PART(B).................................................................................................................................4ACTIVITY 2....................................................................................................................................8PART (A)...............................................................................................................................8PART(B)...............................................................................................................................12CONCLUSION..............................................................................................................................14.......................................................................................................................................................14REFERENCES..............................................................................................................................15
INTRODUCTIONManagement accounting is an accounting system which is commonly related withanalysing, monitoring and interpreting all the financial data in order to take internal decisions. Itis one of the most important accounting system for the overall organisations because it includesall required information related to financial data which becomes the basis of future planning andpolicies. In addition to this, it includes both type of data monetary as well as non- monetaryinformation. It includes various other accounting system(Bennett and James, 2017). In thisreport, O'Keefe construction limited is chosen as the base company in this report. It is thecompany which is located in the United Kingdom which provides construction as well as groundwork services and so on. This report includes different type of management accounting alongwith their advantages. In addition to this, the present report includes various methods ofbudgetary control along with the role of management accounting techniques while solvingdifferent financial issues.ACTIVITY 1.PART (A)Management accounting and essential requirement of different accounting method.Management accounting system is related to the accounting system which help in providingrequired information to the manager of organisation which required within decision makingprocess. Within organisation, management accounting system is important but not mandatorypart of an organisation because not framed according to the accounting concepts and rules.Moreover, uses of management accounting system is increasing day by day because there areseveral approaches as well as techniques involves within it which have own importance withinworking of organisation. In addition to this, within wide term there are several accountingsystems included within management accounting system and used by companies within theirworking(Bromwich and Scapens, 2016). In relation of the O' Keefe construction company widerange of accounting system will be implemented that are needed within several civil engineeringproject. Explanation of these are as follows: -Inventory system management– It is type of accounting management system whichhelp organisation in accurately managing raw material as well as finished products. Generally,inventory management system keep focus on the movement of raw material and finished1
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